What's the crypto capital of the US?
July 10, 2021 [View Online]( | [Sign Up]( [Daily Brew]( TOGETHER WITH [Hoka]( Good morning. The marketing folks at ESPN are calling this the âWeekend of Champions,â and theyâre not wrong. Sports fans will be treated to the Wimbledon finals, Argentina vs. Brazil in the Copa América final, England vs. Italy in the Euro final, an NBA Finals game, and the rubber match of Conor McGregor vs. Dustin Poirier at UFC 264. See you at the pub . MARKETS Nasdaq 14,701.92 +0.98% S&P 4,369.55 +1.13% Dow 34,870.16 +1.30% Bitcoin $33,872.21 +3.34% 10-Year 1.360% +6.2 bps Biogen $358.16 -2.95% *Stock data as of market close, cryptocurrency data as of 6:00pm ET. [Here's what these numbers mean](. - Markets: After a bumpy Thursday when investors questioned economic growth prospects, stocks rebounded to close at [all-time highs](. Biogen stock fell after the FDAâs acting head called for a [federal investigation]( into the controversial approval of the companyâs Alzhiemerâs drug.
- Covid: The CDC released [new guidance]( around school reopenings this fall. It wants schools to stay open for in-person instruction and said teachers and students who are vaccinated donât need to wear masks or physically distance. ANTITRUST [Biden Likes Fair Competition More Than Ice Cream](
[Biden signing an executive agreement ]( Alex Wong/Getty Images Tired of Teddy Roosevelt getting all the âtrustbusterâ recognition in the history books, President Biden signed a [beefy executive order]( yesterday containing 72 measures meant to target big business and promote competition in the US economy. The order, which is less, âYou must do this or else!â and more, âHereâs a guide to what I think,â reflects the Biden administration's focus on slowing corporate consolidation in order to help the US consumer. âIn total, higher prices and lower wages caused by lack of competition are now estimated to cost the median American household $5,000 per year,â the White House said. So whatâs the game plan? The James Harden approach: Take an egregious amount of shots and hope you score some. The executive order mentions everything from shipping fees to over-the-counter hearing aids to banking mergers. Letâs look at some of the most interesting bits: - Noncompetes: The White House wants to [limit]( employersâ ability to stop their employees from going to rivals, which Biden says would increase worker mobility and wages.
- Transportation: Biden encouraged the Transportation Department to compel airlines to disclose fees and hand out refunds when your bags get lost or delayed.
- Tech mergers: The order [calls for]( âgreater scrutiny of mergers, especially by dominant internet platforms...â Not everyone agrees that Corporate America is too concentrated. For example, the CEO of the Bank Policy Institute said in response to Bidenâs order, âBanking is among the most competitive, least concentrated industries in America, as anyone who has shopped for a credit card, mortgage, or deposit account knows.â Republicans generally agree that consolidation isnât a huge problem (at least outside of Big Tech). Bottom line: Donât expect Facebook to spin off Instagram because of this executive order. But it shows where Biden is focusing his attention, and it puts more pressure on Congress to revamp antitrust laws for the 21st century.    mailto:?subject=Check%20out%20this%20story%20from%20Morning%20Brew%21&body=Biden%20Signs%20Executive%20Order%20to%20Promote%20Fair%20Competition%3A%20https%3A%2F%2Fwww.morningbrew.com%2Fdaily%2Fstories%2F2021%2F07%2F09%2Fbiden-signs-executive-order-promote-fair-competition%0A%0AWant%20more%20great%20content%3F%20Subscribe%20to%20Daily%20Brew%20%E2%80%94%20Delivering%20the%20latest%20business%20news%20from%20Wall%20St.%20to%20Silicon%20Valley%2C%20daily.%0Ahttps%3A%2F%2Fwww.morningbrew.com%2Fdaily%2Fr%2F%3Fkid%3Da905682a%26utm_source%3Demail_share%0A SPACE [Bransonâs Finally Getting the Space He Wanted](
[Virgin Galactic's Carrier Aircraft, VMS Eve and VSS Unity Prepare for Flight]( Virgin Galactic (2018) If all goes according to plan tomorrow, Richard Branson will win the first leg of the billionaire space race in time for brunch. Branson will be onboard Virgin Galacticâs VSS Unity flight, nine days ahead of Jeff Bezosâs expected launch for Blue Origin on July 20. VSS Unity isnât like other spaceships. Instead of a traditional launch, the craft will take off in the air attached to a larger mothership called WhiteNightTwo at an altitude of 50,000 feet. When the ship reaches peak altitude, Branson and the three other passengersâall Virgin Galactic employeesâwill feel weightless. The whole trip will last about an hour and a half. - Peak altitude = 57 miles above the ground, which wonât pass what scientists call the âKármán line,â or the invisible boundary to outer space.Â
- Blue Origin [bragged]( on Twitter that it would be taking Bezos past the line at the end of the month. Big picture: Branson is using this trip to show that space tourism is a legitimate industry, even if it will only be available to the ultra-rich for a while. Â Â Â mailto:?subject=Check%20out%20this%20story%20from%20Morning%20Brew%21&body=Richard%20Branson%E2%80%99s%20Launch%20Preview%3A%20https%3A%2F%2Fwww.morningbrew.com%2Fdaily%2Fstories%2F2021%2F07%2F09%2Frichard-bransons-launch-preview%0A%0AWant%20more%20great%20content%3F%20Subscribe%20to%20Daily%20Brew%20%E2%80%94%20Delivering%20the%20latest%20business%20news%20from%20Wall%20St.%20to%20Silicon%20Valley%2C%20daily.%0Ahttps%3A%2F%2Fwww.morningbrew.com%2Fdaily%2Fr%2F%3Fkid%3Da905682a%26utm_source%3Demail_share%0A CRYPTO [Old Faithful, Meet New Currency](
[Brad Pitt as a cowboy tipping his hat]( Giphy Wyoming became the first US state to [officially recognize]( a Decentralized Autonomous Organization (DAO) this week, its latest step to becoming the countryâs most crypto-friendly place to live. To be specific, the Cowboy State announced that the American CryptoFed DAO is now an LLC. DAO 101: A DAO is any community that uses blockchain to govern itself without the intervention of a central authority. American CryptoFedâs mission, for instance, is to âcreate and sustain a monetary system with zero inflation, zero deflation, and zero transaction costs.â If you already knew that⦠Wyoming wants you to round up your buddies and [settle down]( in Cody. The state has been writing new legislation to make its Zillow listings stand out to crypto folks, and itâs working: Major crypto companies Ripple and Kraken both set up operations there, as well as about 50 smaller LLCs with âbitcoinâ in their names. - To make things official, Wyoming Senator Cynthia Lummis temporarily added laser eyes to her Twitter profile picture earlier this year. Whatâs in it for Wyoming? The USâ No. 1 coal-producing state is looking to crypto as a new means of revenue generation and jobs as it weans itself off Santaâs little punishment rock.    mailto:?subject=Check%20out%20this%20story%20from%20Morning%20Brew%21&body=Crypto-Friendly%20Wyoming%20Officially%20Recognizes%20a%20DAO%3A%20https%3A%2F%2Fwww.morningbrew.com%2Fdaily%2Fstories%2F2021%2F07%2F09%2Fcryptofriendly-wyoming-officially-recognizes-dao%0A%0AWant%20more%20great%20content%3F%20Subscribe%20to%20Daily%20Brew%20%E2%80%94%20Delivering%20the%20latest%20business%20news%20from%20Wall%20St.%20to%20Silicon%20Valley%2C%20daily.%0Ahttps%3A%2F%2Fwww.morningbrew.com%2Fdaily%2Fr%2F%3Fkid%3Da905682a%26utm_source%3Demail_share%0A SPONSORED BY HOKA [A Day in the Shoes of Our Overachieving Boss](#)
[Hoka]( We can all thank him for bringing the Brew into our lives, but this high-performer also 1) has a life outside of work and 2) is in pretty good shape tbh. Turns out, Alex Liebermanâs life outside of work includes a killerâand pup-tasticâfitness regimen that helps him tackle his work week as: - Executive Chairman
- Podcast host
- LinkedIn enthusiast
- Etc. (etc., etc.) We gotchu a behind the scenes look at what fuels our fave boss-man to [rise and grind on the weekdays and unwind on the weekends](. TL;DR: He runs along the most iconic trail in New Jersey when most of us are reading our Brew in bed. Rambo, his pup, demands a healthy dose of hiking. And he only does it in shoes engineered for easy and seriously supportive experiencesâlike [HOKA ONE ONE runners and hikers](. See a different side of the media mogul in [Grind and Unwind with Alex Lieberman](. GRAB BAG [Key Performance Indicators](
[Zaila Avant-garde competes in the first round of the the Scripps Nationa...]( Jim Watson/Getty Images Stat: Zaila Avant-garde not only became the first Black American to win the Scripps National Spelling Bee Thursday night, she also holds [three Guinness world records]( for basketball: most basketballs dribbled simultaneously (six for 30 seconds), most basketball bounces (307 in 30 seconds), and most bounce juggles in 1 minute (255 with four basketballs). Quote: âHollywood as we know it is irrelevant. It no longer has any meaning or whatever. Streaming and everything, movies. Itâs all really changed, and it no longer has hegemony over anything.â Media mogul Barry Diller [acknowledged]( at the Allen & Co. conference that the old-guard movie studios no longer have the power to shape culture that they once did. Read: Great Jones cookware and the illusion of the millennial aesthetic. ([New Yorker]()    mailto:?subject=Check%20out%20this%20story%20from%20Morning%20Brew%21&body=Key%20Performance%20Indicators%3A%20July%2010%3A%20https%3A%2F%2Fwww.morningbrew.com%2Fdaily%2Fstories%2F2021%2F07%2F09%2Fkey-performance-indicators-july-10%0A%0AWant%20more%20great%20content%3F%20Subscribe%20to%20Daily%20Brew%20%E2%80%94%20Delivering%20the%20latest%20business%20news%20from%20Wall%20St.%20to%20Silicon%20Valley%2C%20daily.%0Ahttps%3A%2F%2Fwww.morningbrew.com%2Fdaily%2Fr%2F%3Fkid%3Da905682a%26utm_source%3Demail_share%0A PERSONAL FINANCE [Money Matters: How to Stay Patient When Saving?](
[Piggy bank GIF]( In this Summer 2021 segment, the Brewâs personal finance writer Ryan Lasker is nose-diving into our inbox to address your personal finance questions. [Submit your money woes here](. What are some tips for being patient when saving money? Iâm currently doing a good job, but knowing how long it'll take to build up sizeable savings is bothering me.âZach Before I get to your question, a story: A few years ago, I had a (free) gym session with a trainer, and knowing my goals was of paramount importance. I told him I had none...which didnât go over well. Well, to be fair I had goals, but like you, I thought itâd take too long before Iâd see results. I wanted abs, arms, maybe even a nice butt, but I wasnât sure Iâd ever get there. You see where Iâm headed, Zach. Saving is like hitting the gym in that months and years may pass before you notice results, and consistency and persistence is the key. To stay motivated: - Maintain your focus by plastering pictures that represent your savings goals somewhere you can see them.
- Periodically look back at how much youâve saved (kind of like looking at âbeforeâ gym pics), because you might surprise yourself to see how far youâve come from where you started. Bottom line: Consider the alternatives to saving. If you stopped now and bought a cheaper version of whatever youâre saving for, would you be just as satisfied? The answer is probably no. P.S.: Later this summer, Ryan will be writing a twice-weekly personal finance newsletter to make you smarter about your money. [Become one of the first subscribers](. Â Â Â mailto:?subject=Check%20out%20this%20story%20from%20Morning%20Brew%21&body=Money%20Matters%3A%20How%20to%20Stay%20Patient%20When%20Saving%3F%C2%A0%3A%20https%3A%2F%2Fwww.morningbrew.com%2Fdaily%2Fstories%2F2021%2F07%2F09%2Fmoney-matters-stay-patient-saving%0A%0AWant%20more%20great%20content%3F%20Subscribe%20to%20Daily%20Brew%20%E2%80%94%20Delivering%20the%20latest%20business%20news%20from%20Wall%20St.%20to%20Silicon%20Valley%2C%20daily.%0Ahttps%3A%2F%2Fwww.morningbrew.com%2Fdaily%2Fr%2F%3Fkid%3Da905682a%26utm_source%3Demail_share%0A WHAT ELSE IS BREWING - [Finance ministers]( are meeting in Venice to finalize their plan to overhaul the global tax system.
- [President Biden]( told Russian President Vladimir Putin in a call that he expects Putin to act to stop ransomware attacks coming from Russia even if they werenât state-sponsored.
- [Chinese regulators]( ordered the removal of 25 more apps owned by the ride-hailing company Didi.
- [The US Anti-Doping Agency]( wrote a letter to lawmakers basically saying it canât change the rules that led to the suspension of American track star ShaâCarri Richardson, who tested positive for marijuana. BREW'S BETS Invest in sports gambling tech. [Fantasy Sports Co.]( develops premium analytics and tools to help make sports-betting decisions easier. Sports betting revenue is forecasted to surpass $1B+ in 2021 as more states legalize itâand it only gets legalized once in a lifetime. Invest in Fantasy Sports Co. [before the opportunity ends soon](.* âHoly credit card cannoli.â Thatâs what our grandpa who loves great credit card deals would say if he saw [this new cash back card](, which gives you unlimited 2% cash rewards on purchases, a $200 cash rewards bonus after spending $1,000 on purchases within three months, and more. [Apply here](.* Remembering the victims of Surfside: Here is a [running list]( of the missing and the dead from the condo tower collapse in South Florida. Weekend Conversation Starters: - Where are people the [happiest](?Â
- What are these [brown bears]( up to?
- Who are the best [blue movie characters](?Â
- Favorite airport food? *This is sponsored advertising content GAMES [Brew Crossword](#)
[Crossword]( If this isnât the most summer-feeling crossword puzzle weâve ever encountered...[play it here]( and let the nostalgia flow through your veins. SHARE THE BREW We think you should [share the Brew.]( Not only is it a smart thing to do for your friends, itâs also the smartest way to get showered in free Brew swag and exclusive content. Your referral count: 0 [Click to Share]( Or copy & paste your referral link to others:
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